Singapore legislation
Clause 3
Clause 3
Amendment of section 7
Section 7 of the principal Act is amended —
(a)
by deleting subsection (1) and substituting the following subsection:“(1) The trustee‑manager of a registered business trust must take all reasonable steps to secure that each secretary of the trustee‑manager is a person who satisfies the requirements in section 171(1AA) of the Companies Act 1967.”; and
(b)
by inserting, immediately after the words “an offence” in subsection (2), the words “and shall be liable on conviction to a fine not exceeding $50,000”.